Hong Kong Stocks End Week Flat; Laopu Gold Rises as Dida, Tianju Dihe Slump in Debut

MT Newswires Live06-28

Hong Kong stocks ended Friday's session little changed, on caution ahead of US inflation data as they may impact interest rate cuts.

The Hang Seng Index barely moved in positive territory to close at 17,718.61. The Hang Seng China Enterprises Index finished marginally higher at 6,331.86.

Trading was muted as investors await US personal consumption data due later today, a measure of inflation preferred by the US Federal Reserve. Earlier this week, the likelihood of a 25 basis-point cut in US rates rose to 61% from 45% the previous month.

In corporate news, only one of the three market debutants gained on their first day of trading.

Chinese ride-hailing company Dida (HKG:2559) closed at HK$4.65 per share, down 22.5% from its IPO price of HK$6.

Data exchange service provider Tianju Dihe (Suzhou) Technology (HKG:2479) finished at HK$60.15 per share, down nearly 28% from its listing price of HK$83.33.

On the other hand, jewelry manufacturer Laopu Gold (HKG:6181) closed at HK$70 per share, 73% higher than its IPO price of HK$40.50.

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